Werner Enterprises issues Q3 profit warning

Werner Enterprises issued adjusted earnings-per-share guidance of 15 to 16 cents for the third quarter on Monday, which was significantly below the current consensus estimate of 36 cents. The company flagged 18 cents in cumulative cost headwinds from elevated diesel fuel prices, higher driver recruitment and retention expenses, and a reserve adjustment for prior insurance claims. The company also forecast revenue of $946 million to $951 million for the period, which was only slightly lower than analysts’ expectation for $953. 6 million. The news release didn’t provide any update to the company’s prior guidance around tractor counts or pricing.